Initial public offerings are important creators of new high net worth individuals, so it's not surprising that wealth managers track this data and those who benefit from a flotation. The figures show that China and the US are enjoying a rise in the number of IPOs, while Europe remains in the slow lane.

The total number of initial public offerings around the world – important liquidity events for wealth managers – rose to 370 in the third quarter of this year, up 19 per cent year-over-year, with numbers rising in the US and China, although IPOs fell in Europe.

The issue volume, in dollars, of all IPOs surged by 89 per cent on a year earlier. Even though the number of IPOs in Europe fell, volume rose by 390 per cent. The largest volume of IPOs was in China, at $35.9 billion, with the US in second spot, at $33 billion, and Europe making up the rear, at $9.4 billion.

The figures, from EY, come at a time when there has been a shift from public listed markets to private markets in recent years, explaining why wealth managers are regularly urged to build capabilities in sectors such as private equity, credit and venture capital.

The figures show that IPO values have a way to go before reaching the previous peak of Q4 2021, when they stood at $118.3 billion, with 663 IPOs; that figure slumped in the first quarter of 2022 to half the number and just $54.6 billion, prompted possibly the rise of interest rates around the world after the end of the pandemic. 

In a separate report, Bloomberg, said its figures showed that London has sunk to 23rd spot in a global ranking of IPO venues. Only £184 million was raised on the London Stock Exchange in the first nine months of the year, versus about $40 billion raised in the US over the same period. Other European financial capitals also suffered a relatively poor period.